MKTG 524 – Midterm ACTUAL Questions and CORRECT Answers
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Course
MKTG 524
Institution
MKTG 524
MKTG 524 – Midterm ACTUAL Questions
and CORRECT Answers
Marketing - CORRECT ANSWER - the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Negative Demand - ...
MKTG 524 – Midterm ACTUAL Questions
and CORRECT Answers
Marketing - CORRECT ANSWER - the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Negative Demand - CORRECT ANSWER - Consumers dislike the product and may even
pay to avoid it
Nonexistent Demand - CORRECT ANSWER - Consumers may be unaware of or
uninterested in the product
Latent Demand - CORRECT ANSWER - Consumers may share a strong need that cannot
be satisfied by an existing product.
Declining Demand - CORRECT ANSWER - Consumers begin to buy the product less
frequently or not at all.
Irregular Demand - CORRECT ANSWER - Consumer purchases vary on a seasonal,
monthly, weekly, daily, or even hourly basis.
Full Demand - CORRECT ANSWER - Consumers are adequately buying all products put
into the marketplace.
Overfull Demand - CORRECT ANSWER - More consumers would like to buy the
product than can be satisfied.
Unwholesome Demand - CORRECT ANSWER - Consumers may be attracted to products
that have undesirable social consequences.
,Product/Production Orientation - CORRECT ANSWER - This concept proposes that
consumers favor products offering the most quality, performance, or innovative features.
Businesses concentrate on achieving high production efficiency, low costs, and mass
distribution. Focus internally, focusing on how the product evolves over time.
Sales Orientation - CORRECT ANSWER - This concept holds that consumers and
businesses, if left alone, won't buy enough of the organization's products. Focus externally, it's
not about what they make, it's making the consumer want what they have.
Marketing/Market Orientation - CORRECT ANSWER - This concept emerged in the mid-
1950s as a customer-centered, sense-and respond philosophy. The job is to find not the right
customers for your products, but the right products for your customers. External focus - taking
direction from the needs/wants of consumer.
-- Obtain information about customers, competitors, and markets
-- Examine the information from a total business perspective
-- Determine how to deliver superior customer value
--Implement actions to provide value to customers - CORRECT ANSWER - Ways to
achieve Market Orientation?
Relationship Marketing - CORRECT ANSWER - The name of a strategy that entails
forging long-term partnerships with customers, both individuals and firms.
Customer Value - CORRECT ANSWER - The ratio of benefits to the sacrifice necessary
to obtain those benefits.
Customer Satisfaction - CORRECT ANSWER - The feeling that a product has met or
exceeded the customer's expectations.
Holistic marketing - CORRECT ANSWER - This concept is based on the development,
design, and implementation of marketing programs, processes, and activities that recognize their
breadth and interdependencies.
, It recognizes that everything matters in marketing, characterized by four main components:
relationship marketing, integrated marketing, internal marketing, and performance marketing.
Product
Price
Promotion
Place - CORRECT ANSWER - What are the four Ps in the marketing mix?
People
- (Marketing will only be as good as the people inside the organization.)
Processes
- (reflects all the creativity, discipline, and structure brought to marketing management)
Programs
- (reflects all the firm's consumer-directed activities)
Performance
- (capture the range of possible outcome measures that have financial and nonfinancial
implications and implications beyond the company itself) - CORRECT ANSWER - The
holistic marketing realities include what? These are the modern marketing mix, 4 new Ps.
- Developing market strategies and plans
- Capturing marketing insights
- Connecting with customers
- Building strong brands
- Creating value
- Delivering value
- Communicating value
- Creating successful long-term growth - CORRECT ANSWER - What are the main tasks
for Marketing Management?
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